US EUROPE AFRICA ASIA 中文
    Business / Technology

    Alibaba affiliate Ant Financial plans to buy stake in Ascend Money

    (Agencies) Updated: 2016-06-21 07:31

    Alibaba affiliate Ant Financial plans to buy stake in Ascend Money

    Visitors learn about online payment solutions at an industry expo in Guiyang, capital of Guizhou province. [Photo provided to China Daily]

    Alibaba Group Holding Ltd's financial affiliate is planning to purchase a 20 percent stake in Thailand's Ascend Money in a bid to become a key financial services player in Southeast Asia.

    Zhejiang Ant Small & Micro Financial Services Group, known as Ant Financial and controlled by Alibaba co-founder Jack Ma, also wants an option to increase its Ascend Money holding to 30 percent, according to a statement on the Ministry of Commerce website. The agency is currently reviewing the plans.

    An investment into Ascend Money, parent of True Money and Ascend Nano, would help Ant Financial expand its online payments and small loans business in Southeast Asia. The company, which is said to be valued at about $60 billion, is following billionaire Ma's aspirations for global expansion as it ventures into countries including South Korea and India.

    Ascend Group Co Ltd was spun off from True Corporation and is a subsidiary of Thailand's Charoen Pokphand Group Co Ltd, which has interests in agriculture, retail businesses and telecommunications.

    The Ascend Nano unit is a microfinance and personal loans provider with staff throughout Southeast Asia. The division's goal is to spread e-commerce and electronic payments services to places where many users lack bank accounts such as Myanmar and Indonesia.

    True Money provides cash cards and electronic wallets, and holds financial-services licenses in key Southeast Asian markets.

    Ascend Chief Executive Officer Punnamas Vichitkulwongsa in April said the company will spend 6 billion baht ($170 million) on expansion this year, 83 percent of which will be spent outside of Thailand.

    "The pending investment reflects our commitment to expand internationally, and to bring equal access of financial services to more users around the world," Ant Financial said in a statement. "The investment is conditional on approval from the antimonopoly division of the Ministry of Commerce."

    Ant Financial received a payment Indian bank license via Paytm, the country's largest payments provider with about 122 million users, as of January, Sabrina Peng, vice-president of international business for the company, said in May.

    Hot Topics

    Editor's Picks
    ...
    亚洲欧美日韩一区高清中文字幕| 无码精品国产VA在线观看DVD| 无码免费一区二区三区免费播放 | 国精品无码A区一区二区| 99高清中文字幕在线| 国产精品无码免费播放| 亚洲日韩中文无码久久| 日本中文字幕在线电影| 无码人妻少妇久久中文字幕蜜桃| 精品人妻无码专区中文字幕| 无码乱人伦一区二区亚洲一| 日韩人妻无码精品专区| 最近中文字幕高清字幕在线视频| 久久久噜噜噜久久中文字幕色伊伊| 国产成A人亚洲精V品无码性色 | 一本一道AV无码中文字幕| 曰韩精品无码一区二区三区| 中文字幕视频免费| 狠狠躁夜夜躁无码中文字幕| 亚洲.欧美.中文字幕在线观看| 国产亚洲?V无码?V男人的天堂| 国产AV巨作情欲放纵无码| 无码国产午夜福利片在线观看| 亚洲乱亚洲乱妇无码麻豆| 丰满日韩放荡少妇无码视频| 免费看成人AA片无码视频羞羞网| 最近免费中文字幕大全免费| 中文字幕一区一区三区| 无码中文av有码中文a| 91在线中文字幕| 中文字幕av一区| 中文字幕免费视频一| 亚洲制服中文字幕第一区| 最近中文国语字幕在线播放视频 | 国内精品人妻无码久久久影院导航| 久久精品中文字幕一区| 免费无码又爽又刺激网站| 无码乱肉视频免费大全合集| 亚洲精品成人无码中文毛片不卡| 无码人妻精品一区二区三18禁 | 乱色精品无码一区二区国产盗|